The 30-year-old, who was one of England's leading players as they reached the final of the European Championships in Finland earlier this month, left the Gunners in February to sign a lucrative four-year contract with the Boston Breakers in the Women's Professional Soccer League.
But with the league now on a break Smith, who has scored 36 goals in 83 appearances for England, including one in the 6-2 defeat against Germany in the final in Helsinki, is planning to return to North London for five months in a similar deal to the one that Beckham orchestrated earlier this year.
The former England captain left Los Angeles Galaxy to play for AC Milan in Serie-A before returning to the US when the MLS restarted.
Smith, who has scored six goals in 15 appearances for Boston, said: “I’ve signed [for Arsenal] and may be playing from November, and leaving in March.”
In her last appearance before leaving for the US, Smith scored a hat-trick to help Arsenal to a 5-0 win over Doncaster Belles in the FA Women's Premier League Cup.
It took the total of goals she had scored for Arsenal during her four-year spell there to 71 in only 65 games.
Former Arsenal team-mate Alex Scott, who signed for Boston in March, could also join Smith on loan although the return of the two US professionals has yet to be confirmed by the English club.